Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Take me to the text Banner Wedding Planners unadjusted trial balance at the end of December 2021 is presented below. Adjusting entries have not yet

Take me to the text

Banner Wedding Planners unadjusted trial balance at the end of December 2021 is presented below. Adjusting entries have not yet been made for the year. Use the trial balance and the information below to complete the worksheet.

Dec 31 Services were provided worth $420, to be paid next month.
Dec 31 The equipment was purchased at the beginning of the year and is expected to last four years with no residual value.
Dec 31 Of the balance of unearned revenue, $480 has been earned.
Dec 31 The amount in prepaid insurance is for an annual policy that was paid on September 1, 2021.

Required

Using the following trial balance, complete the adjustments, the adjusted trial balance, income statement, and balance sheet in the worksheet.

Do not enter dollar signs or commas in the input boxes.

Banner Wedding Planners Worksheet December 31, 2021
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account DR CR DR CR DR CR DR CR DR CR
Cash 1,300 Answer Answer Answer

Answer Answer Answer Answer

Answer
Accounts Receivable 3,100 Answer

Answer Answer

Answer Answer Answer Answer

Answer
Prepaid Insurance 1,800 Answer Answer

Answer

Answer Answer Answer Answer

Answer
Equipment 6,300 Answer Answer Answer

Answer Answer Answer Answer

Answer
Accumulated Depreciation 0 Answer Answer

Answer Answer

Answer Answer Answer Answer

Accounts Payable 2,700 Answer Answer Answer Answer

Answer Answer Answer Answer

Unearned Revenue 1,300 Answer

Answer Answer Answer

Answer Answer Answer Answer

Bank Loan 1,100 Answer Answer Answer Answer

Answer Answer Answer Answer

Banner, Capital 1,600 Answer Answer Answer Answer

Answer Answer Answer Answer

Banner, Withdrawals 1,100 Answer Answer Answer

Answer Answer Answer Answer

Answer
Service Revenue 11,700 Answer Answer

Answer Answer

Answer Answer

Answer Answer
Depreciation Expense 0 Answer

Answer Answer

Answer Answer

Answer Answer Answer
Insurance Expense 0 Answer

Answer Answer

Answer Answer

Answer Answer Answer
Maintenance Expense 600 Answer Answer Answer

Answer Answer

Answer Answer Answer
Rent Expense 1,500 Answer Answer Answer

Answer Answer

Answer Answer Answer
Salaries & Wages Expense 1,200 Answer Answer Answer

Answer Answer

Answer Answer Answer
Telephone Expense 700 Answer Answer Answer

Answer Answer

Answer Answer Answer
Travel Expense 800 Answer Answer Answer

Answer Answer

Answer Answer Answer
Total 18,400 18,400 Answer

Answer

Answer

Answer

Answer

Answer

Answer

Answer

Net Income Answer Answer Answer Answer Answer

Answer Answer Answer

Total

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Committee Essentials

Authors: Curtis C. Verschoor

1st Edition

0471699594, 978-0471699590

More Books

Students also viewed these Accounting questions

Question

=+ How would you feel if you were required to abide by this policy?

Answered: 1 week ago